The following is an excerpt from Teresa Rivas | January 9, 2017 | Barrons.com |
A better-than-expected second quarter and upbeat sales guidance is lifting Global Payments (GPN) Monday.
Global Payments said it earned 89 cents a share, a nickel better than expectations. Revenue rose 30.4% year over year to $941.8 million, also easily beating the $802.2 million analysts had expected.
For the full fiscal year, the company said it expects to earn between $3.70 and $3.90 a share, up from a previous range of $3.45 to $3.55 a share, although the midpoint is slightly below the $3.86 analysts are expecting. It sees revenues coming in at $3.35 billion to $3.45 billion, compared to $3.2 billion to $3.3 billion it had previously forecast. Analysts are looking for $3.38 billion.
Global Payments also guided for higher expense synergies from the Heartland merger, raising its estimate $10 million, to $135 million. Its board boosted its share repurchase program as well, brining the total authorization to $300 million.
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